Latham Group is the largest manufacturer of residential in-ground swimming pools in North America, Australia, and New Zealand. Latham's core product is the fiberglass pool — a factory-built shell that installs in two to three days versus months for a traditional concrete pool. Latham also makes custom vinyl packaged pools, automatic safety covers (sold under the CoverStar brand), and vinyl pool liners. Liners must be replaced roughly every eight to ten years, providing a recurring revenue stream tied to the large installed base of existing pools rather than new construction. Latham sells through dealers and distributors rather than directly to homeowners, though the company invests heavily in direct-to-homeowner digital marketing — including an augmented reality pool visualizer — to generate leads that it routes to its dealer network. Latham's margins benefit from fiberglass mix shift, as fiberglass pools carry higher margins than vinyl pools and are a growing share of U.S. pool starts (24% in 2025, up from 16% in 2019). Latham's central growth thesis is fiberglass conversion: fiberglass penetration in the U.S. is far below comparable markets like Australia (~70%) and Europe (~40-50%), and Latham is the primary driver of that conversion domestically. Latham is also expanding in the Sand States — Florida, Texas, Arizona, and California — where fiberglass penetration is below the national average and Latham is underrepresented. Latham has vertically integrated its CoverStar automatic safety cover business through recent dealer acquisitions, improving margins in that product line.